The signing ceremony was attended by senior leaders of PetroVietnam Exploration Production Corporation Limited (PVEP), its PVEP–Cuu Long operating unit, PV Drilling, and partner Borr Drilling.
Under the agreement, the drilling program will comprise two wells with a total duration of approximately 104 days, scheduled to commence in July 2026 at Block 15-1 (Su Tu field cluster). To execute the campaign, PV Drilling has arranged the THOR jack-up rig from Borr Drilling, ensuring the provision of integrated drilling services that meet the client’s technical requirements and timeline.
Speaking at the ceremony, PV Drilling’s leadership reaffirmed its commitment to delivering the campaign in line with the principles of safety, efficiency, and cost optimization, while ensuring both wells are completed on schedule and to the client’s expectations. Mr. Nguyen Xuan Cuong, President and CEO of PV Drilling, highlighted the strong track record of the THOR rig in Vietnam, noting its successful deployment across multiple drilling campaigns, including for PVEP.
For its part, PVEP–Cuu Long commended PV Drilling’s capability, experience, and professionalism. The company expressed confidence that close coordination among all parties—particularly the THOR rig’s management and operating teams—will ensure a highly effective campaign at Block 15-1, contributing to PVEP’s production growth targets as well as those of Vietnam National Industry–Energy Group (Petrovietnam).
In 2025, alongside the efficient operation of its owned rigs, PV Drilling proactively secured an additional five leased rigs to meet demand from most upstream operators in the domestic market, in line with Petrovietnam’s strategic direction. All leased rigs maintained safe operations and high performance, contributing positively to the corporation’s revenue and profit growth in drilling services.
The signing of a second jack-up rig contract with PVEP–Cuu Long in early Q2 2026 further underscores PV Drilling’s pivotal role in ensuring rig supply for the domestic market, thereby supporting the maintenance and strengthening of national energy security.
